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Affording a Pet — Ways to Save and Plan
Some of the most heartbreaking news reports out of the latest
recession involved the number of pets being left at animal
shelters by owners who could no longer afford to keep them. If
you've considered giving a rescue or a pedigree a home, think
first about whether you can really afford to give them proper
care.
According to The
American Society for the Prevention of Cruelty to Animals®
(ASPCA®), the first-year spending for a dog of medium size
(under 60 pounds) after adoption or purchase averages $1,618;
for a cat, the number is $860. And believe it or not, first-year
cost for a rabbit is $1,055. What's included? Vet bills, food,
grooming, toys, treats, licenses and other miscellaneous items.
While bringing home a pet should first and foremost be about
love, money is an increasingly important consideration. And a
surprising number of things can add to the cost. Here are some
important issues to consider before you bring home a pet:
Are you allergic? Wait — what do watery eyes have to
do with affording Fido? Plenty. According to the American
Academy of Allergy, Asthma & Immunology, there are almost 10
million pet owners who have some sort of allergy to their pets,
which are in 70 percent of U.S. households. Check to see if you
or your kids might be allergic to your chosen animal before you
bring him home — or at least check your healthcare policy for
coverage for allergy shots or other medications that can help
you co-exist.
Make sure your home or rental policy allows pets.
There are some insurers who might reject you or charge you
considerably more for coverage if you own certain large-breed
dogs. Check your coverage before you get the pet.
Research breed health. If a pet is a single or
dominant breed, it makes sense to research particular health
issues specific to the breed to avoid future costly care.
Watch that grocery bill. Depending on the pet and your
desire to give them only the best, an annual pet food bill can
cost between $150 to $400. This isn't an argument for buying
generic, but when it comes to pet food, always clip the coupons
and check around to various pet stores for case discounts on
your pet's gourmet chow. And confirm with your vet whether
you're giving your pet the right amount of food and at the right
time.
Your pet's stuff. What stuff does a pet need? Well, a
lot more than most of us expect. According to ASPCA the average
annual bill for toys and treats for a medium-size dog is around
$55. For a cat, it's around $25.
Doctor, doctor. Vet bills can be the scariest
financial aspect of pet ownership, and dealing with them spurs
the most debate. In major metro areas, annual vet bills can
average $100 to $300 just for the basics, which include an
annual vaccination and checkup — no medication. For more serious
matters such as cancers, joint and bone problems, bills easily
run into the thousands. There are pet insurance companies, but
financial experts argue whether premiums justify the benefits.
It might make more sense to put aside money on a regular basis
in an "emergency fund" for your pet as a way to
subsidize care if necessary. The Humane
Society of the United States offers other affordability
options:
- Ask the vet to
let you negotiate a payment plan;
- Contact your
local shelter to see if there are subsidized veterinary
clinics in your community;
- If you have a
specific breed, contact the national club for that breed and
see if they might have a veterinary assistance fund;
- Ask your vet to
submit an assistance request to American
Animal Hospital Association Helping Pets Fund.
When looks are everything. There are some people who
may wait weeks for a haircut but their dog always looks
fabulous. Vanity is one thing, but grooming is an important
function for all pets. Claws need to be cut so that overgrown or
matted hair doesn't get the chance to cause skin or infestation
problems. Talk with your vet first about what he or she believes
is a proper grooming regimen for your pet, and shop for a
groomer based on experience and familiarity with your pet's
breed. Grooming rates vary by community and size of the pet,
with per-visit rates ranging from $20 to $100.
Daycare, pet-sitting and lodging. Very few people can
take time out of their workday to go home and walk and play with
their pets. Likewise, many people fear taking pets on
cross-country trips in cars and planes. That's why daycare and
lodging services are so popular, but not exactly cheap.
Depending on the community, daily dog-walking services can cost
$20 and up, overnight kennel fees may go well over $30, and
pet-sitting services can cost $50 a day or more. It's always
best to get references from local veterinary clinics and fellow
pet owners you trust. You can also check out the National
Association of Professional Pet Sitters.
September 2009 — This column is produced by the Financial
Planning Association, the membership organization for the
financial planning community, and is provided by Don McCarty of
Financial Decision Partners, a local member of the FPA.
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